MILAN-The Italian development unit of the giant French property group BNP Paribas Real Estate has signed an agreement with Inpartner Servizi to cooperate in real estate development over the coming years. Inpartner has brought a number of projects into the partnership.

BNP Paribas RE Property Development Italy has been operating in Italy since 2007 and is chaired by Bruno Pinard. Inpartner Servizi, a subsidiary of Inpartner, is managed by Cesare Ferrero. The two companies committed to cooperate in real estate that may further consolidate in the coming years.

As a result of the agreement, Ferrero will work side by side with Bernard Chittaro as co-managing directors of BNP Paribas Real Estate Property Development Italy and Inpartner Servizi will bring in several ongoing real estate projects.

BNP Paribas Real Estate Italy Country Manager Michele Cibrario commented: "BNP Paribas Real Estate gives great importance to real estate development. The agreement with Inpartner Servizi and the cooperation with Cesare Ferrero are important steps of this strategy. We are therefore extremely pleased about their concretisation. We expect positive results soon."

Ferrero added: "Even in the current market situation we are convinced there are important growth opportunities in the real estate development and we are happy to have signed this agreement with one of the main players in Europe and Italy."

BNP Paribas Real Estate is a leading international real estate provider with local expertise on a global scale through its presence in 29 countries, via 14 subsidiaries and 15 alliances.